NSW JobSaver Payments Expanded
The Federal and NSW Governments have agreed to expand the COVID-19 Business Support Payment scheme. Under the arrangement, eligible entities, which includes not-for-profits, will now receive payments of between $1,500 and $100,000 per week based on the level of their payroll with the maximum turnover threshold increased from $50m to $250m. The payment will continue to be calculated based on 40% of payroll for businesses that have suffered a 30% decline in turnover.
For non-employing businesses, such as sole traders, the payment will remain set at $1,000 per week. The NSW government has also advised that businesses can expect to receive funds in their accounts within 5 to 10 business days from their approval date. Payments will also be backdated, so businesses that have already received a first payment under the previous arrangement will be topped up on their next payment.